Radio station Cadena SER reports that the 21-year-old is a target for Arsenal manager Arsene Wenger.
Valencia, Villarreal and several other major clubs across Europe are also interested in the highly-rated midfielder.
Baena’s contract with Espanyol is set to expire in the summer of 2013.
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Chelsea have struggled to build momentum in the opening stages of the campaign and are currently looking over their shoulders at the relegation zone.
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